FEML Fidelity Emerging Markets Limited

 
TIDMFEML 
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR 
INDIRECTLY, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A 
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION. 
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED FOR THE PURPOSES OF 
ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU NO. 596/2014), AS IT FORMS PART OF 
THE UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 
2018, AS AMENDED. 
 
Fidelity Emerging Markets Limited (the 'Company') 
 
Legal Entity Identifier: 213800HWWQPUJ4K1GS84 
 
Discount Control Policy - Announcement of tender offer 
The Board of Directors is mindful that the Company's shares have traded at a 
discount to NAV for some time, and frequently deliberates appropriate discount 
control mechanisms to address the imbalance between the demand and supply of the 
Company's shares. In recognition of this, on 13 November 2023, the Company 
implemented a share buyback programme to repurchase up to 14.99% of issued share 
capital, subject to authority for such repurchases being renewed at the Annual 
General Meeting on 7 December 2023. The Board intends to continue using its 
buyback programme to address the discount to NAV with the ambition that it may 
ultimately be maintained in single digits in normal market conditions on a 
sustainable basis. 
 
In addition, and in recognition of the imbalance between demand and supply of 
the shares, the Board has decided to undertake a tender offer for up to 15% of 
issued share capital to be announced in Q1 2024 to support the share buyback 
programme. The pricing of the tender offer is expected to be at the prevailing 
NAV per share less 2 per cent. The tender offer will be subject to shareholder 
approval, which will be sought at a general meeting of the Company. Further 
details of the structure and timing of the tender offer and associated general 
meeting will be announced in due course. 
 
For further information, please contact: 
 
George Bayer 
 
Fidelity International 
 
george.bayer@fil.com 
 
+44 (0)20 7961 4240 
Gaudi Le Roux 
 
Jefferies International Limited 
 
gleroux@jefferies.com 
 
+44 (0)20 7548 4060 
 
+44 (0)79 7772 0950 
Rupert Budge 
 
J.P. Morgan Cazenove 
 
+44 207 134 7837 
 
M: +44 747 591 6106 
 
rupert.budge@jpmorgan.com 
 
This announcement or any part of it does not constitute or form part of any 
offer to issue or sell, or the solicitation of an offer to acquire, purchase or 
subscribe for, any securities in the United States, Canada, Australia, Japan or 
South Africa or any other jurisdiction in which the same would be unlawful. 
 
The making of a tender offer in, or to persons who are citizens or nationals of, 
or resident in, jurisdictions outside the United Kingdom or to custodians, 
nominees or trustees for citizens, nationals or residents of jurisdictions 
outside the United Kingdom may be prohibited or affected by the laws of the 
relevant overseas jurisdiction. 
 
This announcement includes statements that are, or may be deemed to be, forward 
-looking statements. These forward-looking statements involve known and unknown 
risks and uncertainties, many of which are beyond our control and all of which 
are based on the Directors' current beliefs and expectations about future 
events. Forward-looking statements are sometimes identified by the use of 
forward-looking terminology such as "believe", "expect", "may", "will", "would", 
"could", "should", "shall", "risk", "intend", "estimate", "aim", "plan", 
"predict", "continue", "assume", "positioned", "anticipate", "hope" or "target" 
or the negative thereof, other variations thereon or comparable terminology. 
These forward-looking statements include all matters that are not historical 
facts. These forward-looking statements and other statements contained in this 
announcement regarding matters that are not historical facts involve predictions 
and by their nature, forward-looking statements involve risk and uncertainty 
because they relate to future events and circumstances. No assurance can be 
given that such future results will be achieved; actual events or results may 
differ materially as a result of risks and uncertainties we face. Such risks and 
uncertainties could cause actual results to vary materially from the future 
results indicated, expressed, or implied in such forward-looking statements. The 
Company and the Directors expressly disclaim any obligation or undertaking to 
update these forward-looking statements contained in the document to reflect any 
change in their expectations or any change in events, conditions, or 
circumstances on which such statements are based unless required to do so by 
applicable law, the Prospectus Regulation Rules, the Listing Rules, or the 
Disclosure Guidance and Transparency Rules of the FCA or Regulation (EU) 
596/2014, which is part of UK law by virtue of the European Union (Withdrawal) 
Act 2018, as amended from time to time. 
 
No statement in this announcement or incorporated by reference into this 
announcement is intended to constitute a profit forecast or profit estimate for 
any period, nor should any statement be interpreted to mean that earnings or 
earnings per share will necessarily be greater or less than those for the 
preceding financial periods of the Company. 
 
 
This information was brought to you by Cision http://news.cision.com 
https://news.cision.com/fidelity-emerging-markets-ltd/r/discount-control-policy---announcement-of-tender-offer,c3883467 
 
 
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(END) Dow Jones Newswires

November 27, 2023 09:00 ET (14:00 GMT)

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